London fintech SumUp acquires Lithuanian fintech Paysolut

The global mobile payments service company SumUp has acquired Lithuanian core banking system provider Paysolut, the company reports. The acquisition of the Lithuanian company will help to create stronger banking solutions based on technology. The financial side is not disclosed.

Operating in 32 global markets, and serving more than 3 million company’s customers in various countries of the world, as well as in Lithuania, SumUp has worked with Paysolut as business partners for the past two years, making the acquisition a natural extension of the partnership. As a provider of core banking solutions designed to empower growing businesses, Paysolut is a natural fit in terms of SumUp’s acquisition strategy.

Becoming part of SumUp will help Paysolut expand its highly qualified team and offer a new level of quality products. In terms of Paysolut’s future, SumUp intends for the company to run its business as usual. SumUp will support additional resources so that Paysolut continues serving its customers at an even greater capacity than before.

“The goal of each company is to grow and expand their services and markets. Becoming a significant part of a global player like SumUp gives us the opportunity not only to strengthen our products but also to present them to a significantly larger number of customers worldwide. We are happy that solutions created in Lithuania will become more important in the world. This also presents a tremendous opportunity for Paysolut current and future team members to grow and learn together with SumUp.” says Vytenis Pavalkis, co-founder, and CEO of Paysolut.